In a statement, real estate group Stockdale & Leggo announced it has teamed up with S&L Financial Logic, a Melbourne-based advice firm licensed by Paragon Wealth Solutions.
As part of the deal, S&L Financial Logic will provide holistic services to employees and clients through Stockdale’s 75 franchises.
Stockdale & Leggo chief operating officer Anna Thomas says financial advice is a natural extension of real estate offerings.
“There is a clear gap in the provision of advice that many of our clients need and often ask us about and we hope to fill that area by providing this end-to-end financial solution. Talking to an S&L Financial Logic Advisor will help define our clients’ goals and provide guidance to map out their long-term financial success,” she said.
“This is largely driven by the need of our existing clients to guarantee that they have a level of protection in place to ensure their vast assets are protected should they suffer ill health, disability or death, as well as providing high quality advice to them in the areas of superannuation, investment, insurance and retirement.”
S&L Financial Logic director Stephen Catterall believes this type of partnership is the next step for the industry and expects others to follow once they have seen the benefits experienced by Stockdale & Leggo clients.
“The clients who will be offered this service will already be working with Stockdale & Leggo franchises and are simply seeking to ensure they have the correct financial protection and future wealth strategies in place for their families and future,” Mr Catterall said.
Appreciate the response Melb Planner. Hope it all goes well for consumers.
Matthew Ross: Good afternoon Matthew, these are excellent questions, please let me try and answer them here;
FYI there are no referral fees/commissions paid back to Paragon regarding the sale of any properties. BID is followed carefully and advice provided that fits in with the client’s best interests. There is no conflicted remuneration as per RG246 in any way.
A referral arrangement is in place as it is a JV, and it works in much the same way that it would if a client was referred from an Accountant or Lawyer.
The main aim of this service is to cover a gap in a client’s financial requirements/strategies and to ensure appropriate advice given to assist or improve a client’s situation.
There is no push for property purchase, nor is the advice property centric from Paragon Wealth Solutions as the clients that will be referred have already been in contact with the appropriate office for a property solution. No advice nor recommendation on property is made unless it fits the clients asset pool, investor profile or is a direct request.
Any details known about referral fees in this ‘referral arrangement’?
Does Paragon get a cut of sales comms for ‘investment properties’ purchased through the realtor?
Be interesting to know how the referral arrangement works and how it is in line with best interest duties…